Here’s a seven-point guide to help businesses get through Brexit unscathed:
1. Don’t succumb to Brexit inertia
In the wake of last week’s decision, there is a real danger otherwise successful, growing businesses could see their productivity grind to a halt as managers, employees and clients stop to dissect the chatter and share their predictions for what might happen next. Such distractions could undermine business performance at an important time.
2. Keep a clear head
The time for stress tests and Swot analyses has passed. Now is the time for clear-headed pragmatism and strong leadership. Gather together the right people to support the business as it prepares for a sustained period of Brexit uncertainty.
3. Have a strategic plan
If business leaders are going to be successful at navigating their way through the shifting market conditions, they must stay focused on clear strategic goals and reassure workers at all levels that, regardless of the outcome of last week’s referendum, there is a plan in place and things are still on track. It is business as usual and services must continue to be delivered to a high standard.
4. Start looking for good news
Good news is the natural antidote to all the bad news affecting businesses at the moment and communicating in a positive way can help to ensure continuity. While some negative Brexit repercussions are inevitable – for example, there could be a dip in business investment and some overseas businesses might be put off from investing in the UK – there will also be good news for some.
5. Be prepared to lead
Among small firms in particular, it is clear some are better prepared than others. Some are only now stopping to consider how the Brexit decision is likely to impact on the shape of their organisations in the future. While keeping a strategic eye on the future is important, these businesses must not lose sight of the need to motivate people, maintain quality and get the day job done.
6. Act now
Uncertainty doesn’t have to mean procrastination. The political shocks that came in the hours and days following the Brexit decision – with David Cameron’s resignation, talk of a Scottish referendum on independence and Jeremy Corbyn losing the vote of no confidence – have had an unsettling effect on businesses and financial markets. Instead of succumbing to post-referendum inertia, business leaders must demonstrate that they are ready and willing to act.
7. Keep your eye on the prize
Businesses which have successfully navigated their way through the recent economic downturn know staying flexible to opportunities and shifts in market conditions while keeping a close eye on cash is vital. These businesses will emerge from the situation stronger and more profitable in the future. For the brave and the bold, now is the time to act to ensure the business is ready and equipped to seize opportunities as they arise.